Survey reveals how consumers fail to understand motor insurance

July 6, 2019

An online survey of thousands of car owners in India provided many interesting insights. The findings were released in conjunction with National Insurance Awareness Day, which was on 28 June. The survey findings indicate that consumers may not be totally aware of the nuances of motor insurance.

The findings include:

• Around one third of the respondents buy motor insurance keeping third party liability in mind.
• As many as 45% of respondents believed that both types of cover— third party liability and own damage—are mandatory.
• Six out of 10 consumers are aware of the benefits under motor third party liability insurance cover. Furthermore, one third of respondents believe that third party liability insurance also provides protection against own damage and theft.
• Five out of 10 motor insurance consumers believe that zero depreciation cover encompasses repairs without deduction, third party liability and also theft of the vehicle.